Top 6 Properties 02-24-10

1. Tahoe Joe’s Steakhouse in Roseville, CA: 7166 SF franchised restaurant built in 2001 on 1.6 acres corner lot near I-80 exit in middle-class Sacramento suburb. 100% NNN corp lease till 2021 by Tahoe Joe’s, a national restaurant chain with over 500 locations. NOI $288K/yr with 2.25% annual rent bump. $3.1M. 9.31% cap.
2. Walgreens in Brooklyn, NY: brand new 11,120 SF drugstore in a densely-populated New York metro with over 1.5M residents within 5 miles ring. 25 yrs NNN lease. NOI $716K/yr. 10.608M. 6.75% cap.
3. Holiday Inn Express in Perry, CA: 104-room hotel removed in Dec 2009 on 1.79 acres lot just off I-215 exit in a fast growing city. Avg daily rate of $79. $7.9M.
4. CVS Pharmacy in Jonesboro, GA: 10,722 SF drug store built in 1997 on .92 acre corner parcel on a busy artery in Atlanta metro. 100% NNN lease with 8 yrs remaining. NOI $213K/yr currently and $219K in 2012. $2.513M. 8.5% cap.
5. Medical Building in Downers Grove, IL: 19,600 SF medical office building on 1.93 acres lot in upper middle class suburban Chicago with AHI $109K/yr. Near Advocate Good Samaritan Hospital. 100% leased by stable tenants with below market rent. NOI $272K/yr. $3.2M. 8.5% cap.
6. Apartments in Glendale, AZ: 144-unit gated apartments complex built in 1984 on over 6 acres lot in Phoenix metro. Exterior amenities include barbeque grills, playground, covered parking, sparkling swimming pool, heated spa, central courtyard and access gates. $4.2M. Buyer to assume $3.4M loan at low 5.79% fixed rate till 2018.
   
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